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Articles 1 - 30 of 32
Full-Text Articles in Economic Theory
Essays On The Economics Of Sports Wagering Markets, Jacob Lamb
Essays On The Economics Of Sports Wagering Markets, Jacob Lamb
All Dissertations
Economists have long been enamored with using wagering markets and sports data to answer various economic questions. Wagering market data are readily available to answer any number of questions relating to sports and economics. However, most studies surrounding wagering markets have focused on searching for inefficiencies and, consequently, profitable betting strategies against the house. This dissertation takes a different approach, focusing on the information that can be extracted from efficient wagering markets and using that information to answer economic questions. Rather than hunting for inefficiencies, this dissertation confirms the efficiency of wagering markets and uses wagering markets to answer questions …
Historical Political Economy: What Is It?, Jeffrey Jenkins, Jared Rubin
Historical Political Economy: What Is It?, Jeffrey Jenkins, Jared Rubin
ESI Working Papers
In this chapter, we define what historical political economy (HPE) is and is not, classify the major themes in the literature, assess the relative strengths and weaknesses of the literature, and point to future directions. We view HPE as social scientific inquiry which highlights political causes or consequences of historical issues. HPE is different from conventional political economy in the emphasis placed on historical processes and context. While we view HPE in the most inclusive manner reasonable, we define it to exclude works that are either solely of contemporary importance or use historical data without any historical context (e.g., long-run …
The Implications Of Covid-19 On Fear Of Financial Collapse, Alexis Reekie
The Implications Of Covid-19 On Fear Of Financial Collapse, Alexis Reekie
Student Scholar Symposium Abstracts and Posters
By disrupting the general value paradigm, the typical hierarchy of values, individuals directly affected by the COVID-19 virus have realized an overall shift in perspective, indicating a need to understand the effects of the COVID-19 virus on one’s outlook regarding economic anxiety and fear of financial collapse. The possibility of a global health crisis reaching levels of devastation are certainly great and worth investigating. Throughout this research paper I worked to determine the correlation between fear of financial crises and individuals who have been affected by the COVID-19 virus. Utilizing the Chapman Survey of American Fears (FEAR survey) questions pertaining …
Futurological Fodder: On Communicating The Relationship Between Artificial Intelligence, Robotics, And Employment, Michael E. Samers Dr
Futurological Fodder: On Communicating The Relationship Between Artificial Intelligence, Robotics, And Employment, Michael E. Samers Dr
Geography Faculty Publications
This article examines the debate concerning the employment implications of the so-called ‘Fourth Industrial Revolution’ (FIR) or the increasing presence of artificial intelligence and robotics in workplaces. I analyze three ‘genres’ associated with this debate (academic studies including neo-classical and heterodox/post-human approaches, the ‘gray literature’, and popular media) and I argue that together they represent ‘futurological fodder’ or discourses and knowledges that ‘perform’ the FIR and its purported consequences. I contend further that these genres involve a complex mix of ethics and politics, and I conclude with a reflection on the political implications of the FIR debate.
The Happiness Study: Identifying Social And Economic That Make The U.S. Happier, Tatum Garrison
The Happiness Study: Identifying Social And Economic That Make The U.S. Happier, Tatum Garrison
Undergraduate Honors Theses
As happiness is essential to overall well-being, understanding factors that affect it will inform policies designed to maximize people’s happiness within each state. This will have broad implications for economic research and policy. The wealth and general population income of a state determines an initial level of individual happiness. However, once a level of wealth is achieved, individual happiness does not increase proportionally. This paper examines the relationship of a state’s happiness, measured by computing a score based on an individual's health, wellbeing, and work environment, with economic factors such as GDP and median household income, and social factors including …
Shocks To Aggregate Demand And Aggregate Supply In The Midst Of Covid-19, Anna M. Gellerman
Shocks To Aggregate Demand And Aggregate Supply In The Midst Of Covid-19, Anna M. Gellerman
Publications and Research
COVID-19 sent shockwaves throughout the economy, changing the amounts of goods and services distributed and altering the demand. This article discusses the negative demand shock and adverse supply shock that the U.S. economy faced in 2020, and the policies that the government implemented to reverse these effects.
A Theory Of Fire Service Provision: With An Empirical Analysis Of Response Time, Suppression Time, And Service Output, Hyong-Gu Hwang
A Theory Of Fire Service Provision: With An Empirical Analysis Of Response Time, Suppression Time, And Service Output, Hyong-Gu Hwang
Senior Independent Study Theses
We introduce a two-stage theoretical framework of fire services that justifies the status of response time as a factor input. In the first stage, the provincial government distributes a budget to its cities, resulting in varied numbers of firefighters and fire engines in each city. In the second stage, each city fire department places its fire stations at spatially optimal locations that minimize expected response times. When a fire occurs, the outputs from these two stages are actualized into dispatch level, response time, and suppression time. These intermediate outputs are then transformed into inputs for producing service output, which is …
Humanomics: Moral Sentiments And The Wealth Of Nations For The Twenty-First Century, Vernon Smith, Bart J. Wilson
Humanomics: Moral Sentiments And The Wealth Of Nations For The Twenty-First Century, Vernon Smith, Bart J. Wilson
Economics Faculty Books and Book Chapters
Sometime in the last 250 years, economists lost sight of the full range of human feeling, thinking, and knowing in everyday life. Smith and Wilson show how Adam Smith's model of sociality can re-humanize twenty-first century economics by undergirding it with sentiments, fellow feeling, and a sense of propriety - the stuff of which human relationships are built. Integrating insights from The Theory of Moral Sentiments and the Wealth of Nations into contemporary empirical analysis, this book shapes economic betterment as a science of human beings.
The Effect Of Outward Foreign Direct Investment On Exports In Japan During The Lost Decade, 1985-2005, Alexandros Ladas
The Effect Of Outward Foreign Direct Investment On Exports In Japan During The Lost Decade, 1985-2005, Alexandros Ladas
Dissertations and Theses
This study will utilize an OLS analysis of the panel data coming from various databases such as the World Bank, Federal Reserve and etc. to determine if there exists a significant correlation between the exports of Japan and its foreign direct investment (FDI) in the period of 1985-2005 with nearby trading partners of which include the countries of ASEAN, China and South Korea. In addition, a selection of supplemental factors will be used to determine if they also possess any significance with exports. These factors include: the exchange rate of the Japanese yen with the currency of the trading partner …
How We Think About Economics, Bart J. Wilson
How We Think About Economics, Bart J. Wilson
ESI Publications
"From my casual observation, many economists were surprised at the content of Vernon's Nobel lecture on ecological and constructivist rationality in economics. Having been awarded the prize 'for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms,' I think many expected him to catalogue the major findings of experimental economics in his prize lecture. David Porter has described Vernon as a live, interactive version of the Journal of Economic Literature. But Vernon Smith is no cataloguer. He is a synthesizer, and he synthesizes acutely aware that scientific inquiry is …
Does A Better Running Back Mean More Rushing? Game Theory And The Nfl, Eric Lofquist
Does A Better Running Back Mean More Rushing? Game Theory And The Nfl, Eric Lofquist
Honors Scholar Theses
In this paper I attempt to answer the question of whether or not teams in the National Football League (NFL) rush less with a better running back. This seems counterintuitive, but game theory supposes that this is true. Defenses facing a better running back will generally expect the offense to rush more and therefore defend the run more often. The offense, foreseeing the defense’s actions, will choose to pass more to counteract the run defense. This is the basis of the difference between the strategic effect and the direct effect in mixed strategies. The direct effect is when a player …
Multiple Openings And Competitiveness Of Forward Markets: Experimental Evidence, José Luis Ferreira, Praveen Kujal, Stephen Rassenti
Multiple Openings And Competitiveness Of Forward Markets: Experimental Evidence, José Luis Ferreira, Praveen Kujal, Stephen Rassenti
Economics Faculty Articles and Research
We test the competition enhancing effect of selling forward in experimental Cournot duopoly and quadropoly with multiple forward markets. We find that two forward periods yields competitive outcomes and that the results are very close to the predicted theoretical results for quantity setting duopolies and quadropolies. Our experiments lend strong support to the hypothesis that forward markets are competition enhancing. We then test a new market that allows for endogenously determined indefinitely many forward periods that only close when sellers coordinate on selling a zero amount in a forward market. We find that the outcomes under an endogenous close rule …
Can Nba Teams Benefit From Losing?, Ryan P. Hallisey
Can Nba Teams Benefit From Losing?, Ryan P. Hallisey
Honors Scholar Theses
It has been speculated that franchises in the NBA (national basketball association) lose on purpose because of the benefits that coincide with a team having a poor overall record. Teams that perform the worst are given the highest draft selections in the following season's rookie player draft, thus theoretically improving their chances of becoming a more winning team. Previous economists have used various methodology to prove that NBA teams do in fact lose on purpose; or tank. This paper builds upon this previous methodology to examine the direct impact, negative or positive, that losing on purpose has had on various …
Private Value Determinations And The Potential Effect On The Future Of Research And Development, Amy L. Landers
Private Value Determinations And The Potential Effect On The Future Of Research And Development, Amy L. Landers
Amy L. Landers
Although the promise of an emerging patent market is thought to provide future benefits to invention, innovation, and the public, this essay examines the possibility that the aggregate influence of this activity could instead destabilize patent values in a manner that mirrors the "bubble" phenomenon that occurred in certain markets in the past. To the extent that this occurs, this would destabilize the patent system and might have negative consequences for the future of investment in research, development and innovation.
Religious Identity And The Provision Of Public Goods: Evidence From The Indian Princely States, Latika Chaudhary, Jared Rubin
Religious Identity And The Provision Of Public Goods: Evidence From The Indian Princely States, Latika Chaudhary, Jared Rubin
ESI Working Papers
Religious identity affects preferences and can consequently affect policy. We propose two mechanisms through which a ruler's religious identity can affect public good provision: i) greater provision of goods in regions where more subjects are the ruler's co-religionists, and ii) lower provision of goods where private markets provide a substitute to the ruler's co-religionists. Empirically, identifying the causal effect of religious identity on policy is often impossible, since the religious identity of rulers rarely changes over time and place. We address this problem by exploiting the variation in the religion of rulers in the Indian Princely States in the early …
Human Capital Formation And Economic Development In Pakistan: An Empirical Analysis, Muhammad Irfan Chani, Mahboob Ul Hassan, Muhammad Shahid
Human Capital Formation And Economic Development In Pakistan: An Empirical Analysis, Muhammad Irfan Chani, Mahboob Ul Hassan, Muhammad Shahid
Muhammad Irfan Chani
This study investigates the casual relationship between economic development and formation of human capital in Pakistan. Based on endogenous growth theory, this study empirically tests the standard growth model consisting of gross domestic product (GDP) per capita as a dependent variable and human capital formation, investment in physical capital and labor force as independent variables. Autoregressive distributive lag (ARDL) bound testing approach to cointegration is used to check the long-run equilibrium relationship between the variables included in the model. For checking the causal relationship between economic development and human capital formation, pair-wise Granger causality test is used for time series …
Some Socio Economic Determinants Of Fertility In Pakistan: An Empirical Analysis, Muhammad Irfan Chani, Muhammad Shahid, Mahboob Ul Hassan
Some Socio Economic Determinants Of Fertility In Pakistan: An Empirical Analysis, Muhammad Irfan Chani, Muhammad Shahid, Mahboob Ul Hassan
Muhammad Irfan Chani
This study aims to investigate the role that various socioeconomic factors like female education, urbanization and female labour force participation play in determining fertility of women in Pakistan. ARDL bound test approach to cointegration is used to analyze the long-run relationship of the variables by using the data for the period from 1980 to 2009. The empirical results show that there exists a long-run as well as short-run relationship between fertility and urbanization, female labour force participation and female education in Pakistan. The analysis indicates there is a negative relationship between all 3 determinants with fertility. Female education and urbanization …
(Review) A Short History Of Ethics And Economics: The Greeks, Spencer J. Pack
(Review) A Short History Of Ethics And Economics: The Greeks, Spencer J. Pack
Economics Faculty Publications
No abstract provided.
Collective Choice, Justin Schwartz
Collective Choice, Justin Schwartz
Justin Schwartz
This short nontechnical article reviews the Arrow Impossibility Theorem and its implications for rational democratic decisionmaking. In the 1950s, economist Kenneth J. Arrow proved that no method for producing a unique social choice involving at least three choices and three actors could satisfy four seemingly obvious constraints that are practically constitutive of democratic decisionmaking. Any such method must violate such a constraint and risks leading to disturbingly irrational results such and Condorcet cycling. I explain the theorem in plain, nonmathematical language, and discuss the history, range, and prospects of avoiding what seems like a fundamental theoretical challenge to the possibility …
Determination Of Import Demand In Pakistan: The Role Of Expenditure Components, Muhammad Irfan Chani, Zahid Pervaiz, Amatul R. Chaudhary
Determination Of Import Demand In Pakistan: The Role Of Expenditure Components, Muhammad Irfan Chani, Zahid Pervaiz, Amatul R. Chaudhary
Muhammad Irfan Chani
The paper uses imperfect substitution approach to derive the aggregate import demand function on the basis of disaggregated expenditure components. This derived import demand function is then empirically tested for Pakistan by using co-integration and error correction mechanism. The empirical results show that elasticity of import demand with respect to different macro components of final expenditure is different. The import demand in Pakistan is affected positively and significantly by all expenditure components. The relative prices have negative but insignificant relationship with import demand in Pakistan. The findings indicate that use of aggregate expenditure variable in the aggregate import demand function …
Poverty, Inflation And Economic Growth: Empirical Evidence From Pakistan, Muhammad Irfan Chani, Zahid Pervaiz, Sajjad Ahmad Jan, Amjad Ali, Amatul R. Chaudhary
Poverty, Inflation And Economic Growth: Empirical Evidence From Pakistan, Muhammad Irfan Chani, Zahid Pervaiz, Sajjad Ahmad Jan, Amjad Ali, Amatul R. Chaudhary
Muhammad Irfan Chani
This study aims to investigate the role of economic growth and inflation in explaining the prevalence of poverty in Pakistan. ARDL bound testing approach to co-integration confirms the existence of long run relationship among the variables of poverty, economic growth, inflation, investment and trade openness over the period of 1972-2008. Empirical results show that economic growth and investment have negative and inflation has positive impact on poverty. The effect of trade openness on poverty is insignificant in this study. The short run analysis reveals that economic growth has negative and inflation has positive impact on poverty whereas the role of …
Financial Crises And Economic Growth In Pakistan: A Time Series Analysis, Rauf -I- Azam, Iram Batool, Rabia Imran, Muhammad Irfan Chani, Ahmed Imran Hunjra, Javed Mahmood Jasra
Financial Crises And Economic Growth In Pakistan: A Time Series Analysis, Rauf -I- Azam, Iram Batool, Rabia Imran, Muhammad Irfan Chani, Ahmed Imran Hunjra, Javed Mahmood Jasra
Muhammad Irfan Chani
The purpose of this research is to investigate causal relationship between economic growth and major indicators of financial crisis -- inflation rate, interest rate and the volume of foreign debt-- in Pakistan. This study also highlights the stability of the relationship between indicators of financial crisis and economic growth. The annual time series data ranging from 1972 to 2010 is used for the analysis. Johansen's co-integration test is used to check the stability of long nm equilibrium relationship between the variables used in the study. The results indicate that is long nm stable equilibrium relationship between economic growth and the …
Gender Inequality And Economic Growth: A Time Series Analysis For Pakistan, Zahid Pervaiz, Muhammad Irfan Chani, Sajjad Ahmad Jan, Amatul R. Chaudhary
Gender Inequality And Economic Growth: A Time Series Analysis For Pakistan, Zahid Pervaiz, Muhammad Irfan Chani, Sajjad Ahmad Jan, Amatul R. Chaudhary
Muhammad Irfan Chani
This paper attempts to analyze the impact of gender inequality on economic growth of Pakistan. An annual time series data for the period of 1972-2009 has been used in this study. We have regressed growth rate of real gross domestic product (GDP) per capita on labour force growth, investment, trade openness and a composite index of gender inequality. The results reveal that labour force growth, investment and trade openness have statistically significant and positive impact whereas gender inequality has a significant and negative effect on economic growth of Pakistan.
Determinants Of Housing Prices In Pittsylvania County, Jason Hall
Determinants Of Housing Prices In Pittsylvania County, Jason Hall
Undergraduate Theses and Capstone Projects
The purpose of this research is to determine the implicit factors influencing housing prices in Pittsylvania County, a rural county in Southside Virginia. Currently in Pittsylvania County there is a debate over whether or not to mine what is believed to be the largest deposit of uranium in the United States, containing approximately 119 million pounds of uranium ore at an estimated value of $7 billion to $10 billion. The Virginia Coal and Energy Commission issued its final approval for the National Academy of Sciences to study the debate from a socio-economic standpoint. The $1.2 million study is currently taking …
A Note On Causal Relationship Between Fdi And Savings In Bangladesh, Mohammad Salahuddin, Muhammad Shahbaz Shahbaz, Muhammad Irfan Chani
A Note On Causal Relationship Between Fdi And Savings In Bangladesh, Mohammad Salahuddin, Muhammad Shahbaz Shahbaz, Muhammad Irfan Chani
Muhammad Irfan Chani
This paper aims to investigate the causal relationship between foreign direct investment and gross domestic savings in Bangladesh over a period of 1985-2007. In doing so, Johansen cointegration technique and error correction methods are employed to examine the long run and short run relationship between foreign direct investment and gross domestic savings. To determine the direction of causality, we used innovation accounting approach. Results suggest that there exist bi-directional causal relationship between foreign direct investment and gross domestic savings but the movement is stronger from domestic savings to foreign direct investment. The result also implies complimentary relationship between them and …
Radio Spectrum And The Disruptive Clarity Of Ronald Coase, Thomas W. Hazlett, David Porter, Vernon Smith
Radio Spectrum And The Disruptive Clarity Of Ronald Coase, Thomas W. Hazlett, David Porter, Vernon Smith
ESI Working Papers
In the Federal Communications Commission, Ronald Coase exposed deep foundations via normative argument buttressed by astute historical observation. The government controlled scarce frequencies, issuing sharply limited use rights. Spillovers were said to be otherwise endemic. Coase saw that Government limited conflicts by restricting uses; property owners perform an analogous function via the “price system.” The government solution was inefficient unless the net benefits of the alternative property regime were lower. Coase augured that the price system would outperform. His spectrum auction proposal was mocked by communications policy experts, opposed by industry interests, and ridiculed by policy makers. Hence, it took …
Elections And Economic Turbulence In Brazil: Candidates, Voters, And Investors, Tony Petros Spanakos, Lucio R. Renno
Elections And Economic Turbulence In Brazil: Candidates, Voters, And Investors, Tony Petros Spanakos, Lucio R. Renno
Department of Political Science and Law Faculty Scholarship and Creative Works
The relation between elections and the economy in Latin America might be understood by considering the agency of candidates and the issue of policy preference congruence between investors and voters. The preference congruence model proposed in this article highlights political risk in emerging markets. Certain risk features increase the role of candidate campaign rhetoric and investor preferences in elections. When politicians propose policies that can appease voters and investors, elections may have a limited effect on economic indicators, such as inflation. But when voter and investor priorities differ significantly, deterioration of economic indicators is more likely. Moreover, voter and investor …
Democracy Autocracy And Macroeconomic Performance In Pakistan, Nasir Iqbal, Sardar Javaid Iqbal Khan, Muhammad Irfan Chani
Democracy Autocracy And Macroeconomic Performance In Pakistan, Nasir Iqbal, Sardar Javaid Iqbal Khan, Muhammad Irfan Chani
Muhammad Irfan Chani
Pakistan showed a healthy growth rate of 5.6 percent during the entire history and faced many ups and downs in economic growth due to dramatic changes in political regimes. The literature shows mixed results regarding the impact of autocracy or democracy on economic growth. The aggregate growth of the economy under autocracy remained better as compared to democratic period. Financial indicators show consistent path through out the history of Pakistan. Different trade policies are designed in different regime to run the external sector and the impact of each policy was different.
Rationality In Economics: Constructivist And Ecological Forms, Vernon L. Smith
Rationality In Economics: Constructivist And Ecological Forms, Vernon L. Smith
ESI Publications
Chapter 1: Rediscovering the Scottish Philosophers
(Review) Self-Interest Before Adam Smith: A Genealogy Of Economic Science, Spencer J. Pack
(Review) Self-Interest Before Adam Smith: A Genealogy Of Economic Science, Spencer J. Pack
Economics Faculty Publications
Pierre Force, Self-Interest Before Adam Smith: A Genealogy of Economic Science (Cambridge: Cambridge University Press, 2003), pp. ix, 279, $65.00. ISBN 0-521 83060-5.